Australian gold exports are redefining the nation’s trade hierarchy. According to the Resources and Energy Quarterly released by the Australian Government on 6 October 2025, gold export earnings are projected to reach A$60 billion in the 2025–26 financial year, making gold Australia’s second-largest export after iron ore and surpassing liquefied natural gas (LNG).
The projection marks a pivotal moment for one of the world’s most resource-rich economies. Iron ore remains dominant at an estimated A$113 billion, while LNG follows at around A$54 billion, metallurgical coal at A$36 billion, and thermal coal at A$32 billion.
Gold’s rise also pushes it ahead of education-related travel services, worth about A$52 billion in 2024, establishing the metal as Australia’s second-largest export overall across all sectors — a position unseen for decades.
Drivers of the surge
The report attributes the climb to record-high global gold prices, sustained by investor demand and central-bank accumulation amid stubborn inflation and geopolitical uncertainty. The gold price hit an unprecedented US$3 764 per ounce in September 2025, reinforcing gold’s long-standing reputation as a safe-haven asset.
The Office of the Chief Economist noted that resilient prices and steady domestic production levels will support export values even as physical output growth stabilises. “Gold’s performance highlights both the depth of Australia’s mining sector and the global search for stable stores of value,” the report stated.
While Australian gold exports increase, energy exports lose momentum
In contrast, the outlook for traditional energy commodities is cooling. The government expects LNG revenues to decline as oil-linked contract prices ease and Asian demand growth slows. Both metallurgical and thermal coal exports are projected to drop due to weaker Chinese steel production and accelerating decarbonisation policies worldwide.
Together, these shifts point to a structural transition in Australia’s export economy — one where non-energy minerals such as gold, lithium, and copper play an increasingly dominant role.
Economic impact at home
Gold’s resurgence offers short-term fiscal benefits, bolstering mining royalties and corporate tax receipts, particularly for Western Australia and Queensland. Yet, economists caution that this also deepens reliance on volatile commodity cycles.
“Unlike industrial minerals, gold’s value is financial, not functional,” said independent economist Dr Megan Reid. “It’s driven by sentiment and uncertainty. That means today’s windfall could just as quickly reverse if global risk appetite changes.”
Even so, the surge provides an important cushion as fossil-fuel exports decline, giving Canberra fiscal breathing space as it pivots toward renewable-energy investment and economic diversification.
Global ripple effects
Australia’s dominance in gold exports also reshapes global supply dynamics. As one of the top three gold producers — alongside China and Russia — its stronger earnings and output intensify competition with producers in Africa, Latin America, and Central Asia.
Meanwhile, importing nations such as India, the UAE, and Switzerland — major refining and jewellery hubs — may face sustained high costs, influencing global retail markets. Central banks in emerging economies are expected to continue increasing gold reserves, underlining the metal’s role in a volatile monetary landscape.
Outlook
The Department of Industry, Science and Resources projects total resource and energy export earnings to reach A$391 billion in 2025 – 26, with Australian gold exports accounting for over 15 percent of that total.
Whether the rally endures will depend on global interest-rate trends and investor sentiment. For now, the rise of Australian gold exports underscores both the shifting foundations of Australia’s resource-driven economy and the global appetite for stability in uncertain times.
For more info, you can read the Australian government’s Resources and Energy Quarterly: September 2025 report by clicking HERE.
Download the full report here – CLICK TO DOWNLOAD
Download the FORECAST DATA TABLES HERE – CLICK TO DOWNLOAD
Download the HISTORICAL DATA TABLES HERE – CLICK TO DOWNLOAD
FAQs
Why are Australian gold exports increasing?
Record global prices, strong investor demand, and central-bank accumulation are driving export earnings higher. Australia’s production stability allows it to benefit from the global surge.
Which countries buy most of Australia’s gold?
Key destinations include China, India, the United Kingdom, and Switzerland, where gold is refined, traded, or used in investment products.
How does this affect other exporters?
Competitor nations such as South Africa, Canada, and Russia gain from high prices but face margin pressure as costs rise. For developing producers, elevated prices bring opportunity but increased volatility risk.
Will gold remain Australia’s second-largest export?
That depends on sustained prices. If gold corrects or energy prices rebound, LNG could retake second place. Yet, gold now appears set to remain among Australia’s leading earners.
What does this mean for global trade?
The rise of Australian gold exports adds stability to global supply chains but underscores continued vulnerability to commodity-market swings and monetary shifts.
